According to the latest OPEC’s assessment, the participating OPEC and Non-OPEC producing countries achieved a conformity level of 98% in June 2017.

OPEC and some other oil producers, like Russia have committed to cut oil production by about 1.8 mb/d from January 2017 to March 2018.

Following the 4th Meeting of JMMC in St. Petersburg, Russia, on 24 July 2017, the Joint OPEC-Non-OPEC Technical Committee (JTC) has been instructed to convene with some OPEC Member Countries as well as some non-OPEC participating countries to identify ways and means of raising levels of conformity, OPEC reported July 29.

Consequently, meetings will be held in Abu Dhabi, United Arab Emirates, on August 7-8 and will be co-chaired by Kuwait and Russia, in the presence of representatives from the Kingdom of Saudi Arabia, which is serving as President of OPEC in 2017.

Other Members of the JMMC/JTC will not be attending as they have delegated to the Co-Chairs the responsibility of conducting these meetings and reporting back to the JTC and the JMMC accordingly, the report said.

The report added that this is a technical meeting being held to better understand the difficulties and obstacles faced by some OPEC and non-OPEC participating countries and to assess how conformity levels can be improved with the goal of achieving a faster rebalanced global oil market, for the benefit of producers and consumers alike.